French shipping group CMA CGM and Adani Ports and Special Economic Zone have signed a joint venture agreement, to operate a new container terminal (CT4) at Mundra Port in Gujarat, for next 15 years with an option to extend it twice for 10 more years.
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The two have completed the CT4 project three months ahead of schedule. CT4 will be the only container terminal on the west coast where the world’s largest container ships can call.
CT4 has four units of 65 tonnes capacity of Rail Mounted Quay Cranes capable of handling 18,000 TEU vessels and Super Post and Ultra Large Container Vessels and an annual capacity of 1.3 million TEUs.
For CMA CGM, CT4 is its first port investment in India. CMA CGM is present in India since 1984. With around 4,000 staff members and 29 offices, it is calling 13 ports in India, and offers to its Indian customers 11 direct weekly shipping services.
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This new investment adds to the 27 container terminals that CMA CGM has today in its portfolio.
“This joint-venture with Adani Ports reinforces our position in one of the world’s fastest growing economies and highlights our firm belief in the potential growth of trade between India and the rest of the world,”said Rodolphe Saadé, CEO, CMA CGM.
Karan Adani, CEO, APSEZ said “With the commissioning of this terminal, Mundra port will become India’s largest container-handling port.”